Korea-OECD International Fiscal Forum to be Held for Two Days Starting the 26th

The Ministry of Economy and Finance announced on the 26th that it will jointly host the 11th Korea-OECD International Fiscal Forum with the Korea Development Institute (KDI) and the Organisation for Economic Co-operation and Development (OECD).

The Korea-OECD Fiscal Forum is a platform where budget officials from OECD member countries and domestic and international fiscal experts share their views on major fiscal issues. This year, it will be held over two days, from the 26th to the 27th, at the JW Marriott Hotel in Seoul.

This forum brings together fiscal experts from major countries including Korea, the United States, the United Kingdom, Belgium, Japan, and the OECD to discuss the theme "Fiscal Management Directions for Future Generations."

Starting with the opening remarks by Kim Dong-il, Director General of the Budget Office at the Ministry of Economy and Finance, Session 1 will feature presentations and discussions on "Fiscal Sustainability and Fiscal Rules." Session 2 will focus on "Climate Change Response and Green Budgeting," and Session 3 will address "Structural Reform to Enhance Fiscal Expenditure Performance."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering a speech at the 'Emergency Economic Ministers' Meeting and Export Investment Measures Meeting' held on the 18th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

In his opening remarks, Director Kim stated, "Although fiscal indicators have deteriorated worldwide due to the COVID-19 crisis response, the role of fiscal policy in addressing low birthrates and aging populations, climate change, the energy crisis, digital transformation, and preparing for global environmental changes has become even more important. Sustainable fiscal policy is necessary to achieve strong economic growth and reduce the burden on future generations."

He added, "Korea has maintained a sound fiscal stance not only in this year's budget but also in next year's budget proposal. In particular, next year, we plan to implement rigorous expenditure restructuring and boldly invest the saved resources in four key areas: welfare for the vulnerable, future preparedness, job creation, and core national functions."

The Ministry of Economy and Finance plans to enhance fiscal efficiency and secure sustainability to ensure that future generations can lead hopeful lives by referring to the policy recommendations of OECD fiscal experts from major countries discussed at this forum.

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